23rd Oct 2014 07:01
LONDON (Alliance News) - Inchcape PLC on Thursday said it produced a strong performance in the third quarter but said its revenue growth in the period and for the year to date has been hit by the strength of sterling.
The FTSE 250 automotive services company said third quarter revenue was GBP1.7 billion, up 10.6% on a constant currency basis but up only 4.4% at actual currency rates. Like-for-like revenue increased 11.6% at constant currency, but only 6% in actual rates.
Sterling strength had a similar impact on its nine-month revenue, up 9.6% at constant currency to GBP5 billion, but up only 1.9% at actual foreign-exchange rates. Like-for-like revenue was up 9.4% at constant rates, but only up 1.9% at actual rates.
The group said new car demand was ahead of the year before and said its used car and aftersales businesses both delivered a robust performance.
"Our growth momentum continues and we are on track to deliver a strong underlying constant currency performance in 2014," said André Lacroix, chief executive officer of Inchcape.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Inchcape